# Golar LNG (GLNG.US)

Canonical: https://gigainvestors.com/s/GLNG

Analysis as of: 2026-10-16T07:28:48.113Z. Financial observations: FY1998–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $44.95 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 6

- Operating margin variation: 1.52×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.70×

- FY2018: 0.14×

- FY2019: 0.26×

- FY2020: 0.38×

- FY2021: 0.39×

- FY2022: 0.35×

- FY2023: 0.28×

- FY2024: 0.17×

- FY2025: 0.34×

- LTM to Jun 2026: 0.46×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.5%

- ROIC, second-lowest year: -2.1%

- Typical minus recent gross margin: -3.9 pp

- Typical gross margin (annual median): 43.0%

- Recent gross margin (lower of latest and 3-year median): 46.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 104.4%

- ROIC including acquisitions, ten-year median: -5.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -3.0%

- FY2017: -2.1%

- FY2018: 1.2%

- FY2019: 2.4%

- FY2020: 4.2%

- FY2021: 3.0%

- FY2022: 3.7%

- FY2023: 2.5%

- FY2024: 1.6%

- FY2025: 3.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $11M

- Net income, five-year total: $583M

- Return on incremental invested capital: 7.7%

- Working capital / revenue, annual change: 1.5 pp

- Working capital / revenue, change between three-year averages: 7.1 pp

- Working capital / revenue, final three-year average: 0.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.99×

- FY2022: 0.77×

- FY2023: 1.36×

- FY2024: -3.77×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -2.1% vs 2.5%

- Per-share earnings: -1.83 to 0.49 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: -1.6%

- Market cap gain: $1.6B

- Cumulative retained earnings: -$255M

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: -1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $2.32

- Per-share value, starting three-year median: -$1.83

- Per-share value, ending three-year median: $0.49

- Buybacks concentrated in cheaper years (correlation): -0.02

- Average buyback yield: 1.4%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $48M

- Cumulative net income, 10 years: -$500M

- ROIC, first three-year median: -2.1%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$2.00

- FY2017: -$1.78

- FY2018: -$2.30

- FY2019: -$2.09

- FY2020: -$2.49

- FY2021: -$1.49

- FY2022: $6.22

- FY2023: -$0.45

- FY2024: $0.49

- FY2025: $0.65

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -6.8%

- Receivables to sales index (DSRI): 1.50×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.53×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -4.8%

- FY2018: -7.2%

- FY2019: -6.9%

- FY2020: -9.7%

- FY2021: -7.9%

- FY2022: 8.8%

- FY2023: -4.5%

- FY2024: -6.1%

- FY2025: -6.8%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 100% since Oct 2023 · "Golar unlocks $3B backlog as FLNG Gimi begins commercial operations pact" (seekingalpha.com, Jun 2025) · sales +33%

Story as of 2026-10-16T09:58:49.568Z; price observation 2026-10-15.

- 2025-08-14: Golar LNG beats estimates, declares dividend as shares gain ([seekingalpha.com](https://seekingalpha.com/news/4485431-golar-lng-beats-estimates-declares-dividend-as-shares-gain?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-16: Golar LNG (GLNG) Following Strong Q2 Results And New FLNG Order Still Looks Undervalued ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/golar-lng-glng-following-strong-011546068.html))

### Sales · FY2025–2026

sales +33%; source https://www.sec.gov/Archives/edgar/data/1207179/000162828026021198/glng-20251231.htm; observed 2026-03-26.

- FY2017: $144M 

- FY2018: $431M 

- FY2019: $449M 

- FY2020: $439M 

- FY2021: $260M 

- FY2022: $268M 

- FY2023: $298M 

- FY2024: $260M 

- FY2025: $394M 

- FY2026: $523M 

### Gross margin · FY2025

gross margin 46.9%; source https://www.sec.gov/Archives/edgar/data/1207179/000162828026021198/glng-20251231.htm; observed 2026-03-26.

- FY2018: 31.2% 

- FY2019: 39.1% 

- FY2020: 47.7% 

- FY2021: 53.7% 

- FY2022: 52.6% 

- FY2023: 51.9% 

- FY2024: 32.7% 

- FY2025: 46.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas midstream; annual sales are USD 393.5 million.

- Source: https://www.sec.gov/Archives/edgar/data/1207179/000162828026021198/glng-20251231.htm (filed 2026-03-26); FY2025: revenue 393522000; grossProfit 184373000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 32.7% to 51.9% during 2023–25; it earns 2.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2023: grossProfit / revenue = 51.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2024: grossProfit / revenue = 32.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1207179/000162828026021198/glng-20251231.htm (filed 2026-03-26); FY2025: grossProfit / revenue = 46.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); 10-year return on capital observations [[2016,-0.030263472643115248],[2017,-0.02057784419374068],[2018,0.011774190750294003],[2019,0.024478038884068878],[2020,0.04164294897464872],[2021,0.030434158541995035],[2022,0.03653838508559203],[2023,0.024859815266273864],[2024,0.015624758104717565],[2025,0.038139843084736086]]; median 0.02466892707517137. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 53% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1207179/000162828026021198/glng-20251231.htm (filed 2026-03-26); Gross margin observations: [[2021,0.5374203240443688],[2022,0.5258160902367969],[2023,0.5187263972335129]]; range within 2 percentage points.

### Where the cash goes

Earns 7.7% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2022: growth capex 61008696.82579565; upkeep 206412303.17420435; owner earnings 519902696.82579565. Growth capex / owner earnings = 0.11734637500108583.

- Source: https://www.sec.gov/Archives/edgar/data/1207179/000162828026021198/glng-20251231.htm (filed 2026-03-26); FY2025: growth capex 804118000; upkeep 49255000; owner earnings 65676000. Growth capex / owner earnings = 12.2437115536878.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Incremental return on capital 0.07745688127071518, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Dividend observations: [[2016,54348000],[2017,20438000],[2018,42873000],[2019,65004000],[2020,26072000],[2021,33136000],[2022,55169000],[2023,79448000],[2024,104107000],[2025,305848000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1207179/000162828026021198/glng-20251231.htm (filed 2026-03-26); FY2025: cash repurchases 144039000 USD.

### What the price says

The price is 11.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Closing price 44.95 USD; reporting-to-trading FX 1; FY2025 annual sales per share 3.882802170695609; price multiple 11.576690756806482. FY2025 cash earnings/share 0.6480118401578687. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $21.89 per share

- 2016-11: $24.40 per share

- 2016-12: $22.94 per share

- 2017-01: $25.86 per share

- 2017-02: $27.31 per share

- 2017-03: $27.93 per share

- 2017-04: $25.51 per share

- 2017-05: $23.27 per share

- 2017-06: $22.25 per share

- 2017-07: $23.81 per share

- 2017-08: $21.68 per share

- 2017-09: $22.61 per share

- 2017-10: $21.13 per share

- 2017-11: $24.71 per share

- 2017-12: $29.81 per share

- 2018-01: $27.29 per share

- 2018-02: $27.02 per share

- 2018-03: $27.36 per share

- 2018-04: $32.15 per share

- 2018-05: $25.98 per share

- 2018-06: $29.46 per share

- 2018-07: $26.01 per share

- 2018-08: $25.56 per share

- 2018-09: $27.80 per share

- 2018-10: $26.78 per share

- 2018-11: $26.64 per share

- 2018-12: $21.76 per share

- 2019-01: $22.27 per share

- 2019-02: $20.64 per share

- 2019-03: $21.09 per share

- 2019-04: $19.54 per share

- 2019-05: $18.19 per share

- 2019-06: $18.48 per share

- 2019-07: $16.94 per share

- 2019-08: $11.71 per share

- 2019-09: $12.99 per share

- 2019-10: $13.77 per share

- 2019-11: $13.02 per share

- 2019-12: $14.22 per share

- 2020-01: $9.62 per share

- 2020-02: $12.82 per share

- 2020-03: $7.88 per share

- 2020-04: $7.09 per share

- 2020-05: $7.93 per share

- 2020-06: $7.24 per share

- 2020-07: $7.50 per share

- 2020-08: $10.35 per share

- 2020-09: $6.06 per share

- 2020-10: $7.55 per share

- 2020-11: $9.10 per share

- 2020-12: $9.64 per share

- 2021-01: $10.83 per share

- 2021-02: $11.29 per share

- 2021-03: $10.23 per share

- 2021-04: $11.48 per share

- 2021-05: $12.70 per share

- 2021-06: $13.25 per share

- 2021-07: $11.16 per share

- 2021-08: $11.25 per share

- 2021-09: $12.97 per share

- 2021-10: $13.03 per share

- 2021-11: $11.80 per share

- 2021-12: $12.39 per share

- 2022-01: $14.35 per share

- 2022-02: $17.40 per share

- 2022-03: $24.78 per share

- 2022-04: $22.32 per share

- 2022-05: $25.33 per share

- 2022-06: $22.75 per share

- 2022-07: $22.37 per share

- 2022-08: $27.27 per share

- 2022-09: $24.92 per share

- 2022-10: $27.82 per share

- 2022-11: $25.07 per share

- 2022-12: $22.79 per share

- 2023-01: $23.44 per share

- 2023-02: $22.83 per share

- 2023-03: $21.60 per share

- 2023-04: $22.70 per share

- 2023-05: $20.57 per share

- 2023-06: $20.17 per share

- 2023-07: $24.12 per share

- 2023-08: $22.10 per share

- 2023-09: $24.26 per share

- 2023-10: $22.43 per share

- 2023-11: $21.53 per share

- 2023-12: $22.99 per share

- 2024-01: $21.81 per share

- 2024-02: $20.29 per share

- 2024-03: $24.06 per share

- 2024-04: $24.52 per share

- 2024-05: $26.29 per share

- 2024-06: $31.35 per share

- 2024-07: $34.90 per share

- 2024-08: $33.29 per share

- 2024-09: $36.76 per share

- 2024-10: $36.26 per share

- 2024-11: $39.37 per share

- 2024-12: $42.32 per share

- 2025-01: $40.75 per share

- 2025-02: $38.34 per share

- 2025-03: $37.99 per share

- 2025-04: $42.51 per share

- 2025-05: $41.16 per share

- 2025-06: $41.19 per share

- 2025-07: $41.16 per share

- 2025-08: $43.82 per share

- 2025-09: $40.41 per share

- 2025-10: $41.05 per share

- 2025-11: $36.95 per share

- 2025-12: $37.21 per share

- 2026-01: $40.59 per share

- 2026-02: $44.46 per share

- 2026-03: $54.11 per share

- 2026-04: $54.99 per share

- 2026-05: $49.75 per share

- 2026-06: $49.84 per share

- 2026-07: $49.15 per share

- 2026-08: $51.49 per share

- 2026-09: $47.52 per share

- 2026-10: $44.95 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1207179/000162828026021198/glng-20251231.htm); period 2025-12-31, filed 2026-03-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.